SVB Wealth LLC Cuts Holdings in Intuit Inc. (NASDAQ:INTU)

SVB Wealth LLC trimmed its holdings in shares of Intuit Inc. (NASDAQ:INTU) by 20.5% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 17,075 shares of the software maker’s stock after selling 4,404 shares during the period. SVB Wealth LLC’s holdings in Intuit were worth $10,672,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Members Trust Co acquired a new position in Intuit during the fourth quarter worth $222,000. Capital Analysts LLC grew its position in Intuit by 582.8% during the fourth quarter. Capital Analysts LLC now owns 198 shares of the software maker’s stock valued at $124,000 after acquiring an additional 169 shares during the period. Private Client Services LLC acquired a new position in shares of Intuit during the fourth quarter worth about $458,000. Keel Point LLC lifted its stake in shares of Intuit by 10.9% during the fourth quarter. Keel Point LLC now owns 1,331 shares of the software maker’s stock worth $832,000 after purchasing an additional 131 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its stake in shares of Intuit by 52.0% during the fourth quarter. Mackenzie Financial Corp now owns 311,775 shares of the software maker’s stock worth $194,869,000 after purchasing an additional 106,695 shares in the last quarter. 83.66% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Evercore ISI boosted their price objective on Intuit from $670.00 to $725.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. JPMorgan Chase & Co. upped their target price on Intuit from $560.00 to $585.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Oppenheimer upped their target price on Intuit from $678.00 to $712.00 and gave the company an “outperform” rating in a report on Friday, February 23rd. Stifel Nicolaus increased their price objective on Intuit from $600.00 to $720.00 and gave the stock a “buy” rating in a report on Friday, February 23rd. Finally, Barclays increased their price objective on Intuit from $735.00 to $745.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Four research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Intuit presently has an average rating of “Moderate Buy” and a consensus price target of $645.00.

Intuit Stock Up 0.4 %

Shares of NASDAQ INTU traded up $2.47 during mid-day trading on Tuesday, reaching $614.59. The company had a trading volume of 247,816 shares, compared to its average volume of 1,237,387. Intuit Inc. has a twelve month low of $400.22 and a twelve month high of $671.01. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market capitalization of $172.09 billion, a PE ratio of 62.54, a price-to-earnings-growth ratio of 3.78 and a beta of 1.21. The stock’s 50 day moving average is $645.96 and its 200-day moving average is $597.57.

Intuit (NASDAQ:INTU) last posted its earnings results on Thursday, February 22nd. The software maker reported $2.63 EPS for the quarter, topping the consensus estimate of $2.30 by $0.33. The firm had revenue of $3.39 billion for the quarter, compared to the consensus estimate of $3.39 billion. Intuit had a net margin of 18.35% and a return on equity of 17.51%. The business’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.05 earnings per share. As a group, equities analysts anticipate that Intuit Inc. will post 11.27 earnings per share for the current fiscal year.

Intuit Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 18th. Stockholders of record on Wednesday, April 10th will be given a $0.90 dividend. This represents a $3.60 annualized dividend and a dividend yield of 0.59%. The ex-dividend date is Tuesday, April 9th. Intuit’s dividend payout ratio is currently 36.73%.

Insider Activity

In other news, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total value of $178,186.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Intuit news, EVP Kerry J. Mclean sold 3,692 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $663.84, for a total transaction of $2,450,897.28. Following the completion of the transaction, the executive vice president now owns 22,948 shares in the company, valued at $15,233,800.32. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Alex G. Balazs sold 280 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $636.38, for a total transaction of $178,186.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,717 shares of company stock valued at $3,117,156. 2.90% of the stock is owned by insiders.

About Intuit

Intuit Inc provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax.